we turn to cnbc's steve sedgewick, live in london for us. what's the latest on the markets? >> the latest is at one point, the open of the european indices, we thought we were going to have a much better day. they went into positive territory. now let me gif you a list of the biggest markets in europe and how they're performing. london is down the best part of 3%. the german market, which obviously represents the biggest economies in europe, one that's doing really well, was down 5% yesterday, is down 4.3% today so far. looking at the futures for the dow, the dow which closed down 5.5% in the 634 points yesterday, the dow is down again at start of trading, at the morning, .6 of 1% lower. it was down triple digits at one point. improving from the lower levels. >> so much of what's happening on wall street in the united states is tied to what's going on in europe. someone put it to me this way, that the countries are like our banks in 2008. in need of bailouts. is there even a european mechanism that could pull off something like that to bail out entire countries at a time? >>